Bitcoin Forum

New Delhi: Bitcoins or such cryptocurrencies are not legal tender and those indulging in such transactions are doing it at their own risk, finance minister Arun Jaitley said on Tuesday as several members expressed concerns over trading on these platforms.

During the question hour in Rajya Sabha, Dravida Munnetra Kazhagam (DMK) member Kanimozhi wanted to know whether the government was considering regulating crypto-currencies such as bitcoin and ethereum, as India “accounts for more than 11 per cent” of such trade globally.

Jaitley emphasised that the centre’s consistent position was that such currencies were not legal tender. “The government is examining the matter. A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken,” he said.

He said while repeated message was being given that such currencies are not legal tender, more detailed steps would be taken once the report of the committee is submitted.

http://www.livemint.com/Money/tFthE7oDLzgQkqlSFulZpJ/Cryptocurrencies-not-legal-tender-in-India-Arun-Jaitley.html

Its good move if Government form guidelines for Cryptocurrency to remove confusion amoung investors

Bitcoin heat is picking up speed for new law or guidelines

If Indian official are behind bitcoin so fiercly that they are disregarding it in almost every possible way there needs to be a reason it. As far as I can predict there are two possibilities. Either the govt. is unable to ban bitcoin so just issuing such guidelines to request people to stay away or they have decided to ban crypto currencies soon and just want people to take their money out As soon as they can so they don't lose much.

THEY HAVE NOT STATED IT AS ILLEGAL THEY JUST WANT TO CLEAR THAT THERE IS NO RULE ON IT AND GOVERNMENT IS NEUTRAL ON IT
AND YOU ALL CAN MINE SINCE NOW A HUGE AMOUNT OF ECONOMY IS IN CRYPTO MAKING IT ILLEGAL IS SURELY TO MAKE HUGE LOSS TO MANY PEOPLE AROUND EVEN I GUESS AMBANI HAD SOME INVESTMENTS IN THESE STUFFS INCLUDING AMITABH BACHAN HAD MILLION WORTH BTC IN HIS WALLET

As we know political parties are corrupted,i am 100% sure they also have invested their money into cryptocurrency.if by chance btc price crash to great extent then we might get a hint that they are cashing out but i dont see that possibility.i think government will tax on it and earn a good amount of money.

So true lol .. i am sure most of the black money shit drama culprits are from those Political Leaders themselves . I still laugh at the fact that Political Leaders calling Bitcoin as PONZI Scheme lol . Such Illiteracy and stupidity .

according to indian govt. cryptocurrencies were not legal tender but they want that  people pay  taxes from its investment returns and conduct income tax raid on him  who not pay tax from his cryptocurrency investment returns

Indian government formed interdisciplinary committee which study on bitcoin and cryptocurrency and form guidelines so Ministry of finance too waiting for committee report so that they can announce